Income Tax News

Govt warns 2.5 lac exemption for cash deposit not for bank accounts that are misused

18 November 2016 at 17:11

Strict Action against Tax Evaders using other persons� Bank Accounts to convert their Black Money into New Denomination Notes;�Person(s) who allows His Or Her Bank Account to be misused for this purpose can be Prosecuted for Abetment under Income Tax

Posted in Income Tax | 4 comments | 24345 Views

Transactions in relation to which quoting PAN is Mandatory

18 November 2016 at 10:47

The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 an

Posted in Income Tax | 2 comments | 5331 Views

Limit reduced to Rs 2000 for daily exchange of notes

17 November 2016 at 11:46

The Central Government takes several decisions to facilitate farmers, small traders, Group 'C' Employees of Central Government including equivalent levels in the Defence and Para Military Forces

Posted in Income Tax | 1 comments | 13926 Views

Bank to report to IT dept cash deposit of more than 2.5 lac in savings and 12.5 lac in current account

16 November 2016 at 19:12

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXESNOTIFICATIONNew Delhi, the 15th November, 2016G.S.R 1068(E).- In e

Posted in Income Tax | 24834 Views

Withdrawal limit increased from ATM to Rs 2500 and banks to Rs 24000

14 November 2016 at 11:16

RBI/2016-17/129DCM (Plg) No.1272/10.27.00/2016-17November 13, 2016The Chairman / Managing Director/Chief Executive Officer,Public Sector Banks / Private Sector Banks/ Private Sector Banks/ Foreign BanksRegional Rural Banks / Urban Co-operative Banks

Posted in Income Tax | 3 comments | 4167 Views

Sufficient cash is available with banks

14 November 2016 at 10:37

Availability of cash with Bank branches and Post Offices Ministry of Finance has reviewed and taken stock of the cash availability and issuance to members of public today. Reserve Bank of India (RBI), Indian Banks Association (IBA) and a few major ba

Posted in Income Tax | 1 comments | 3141 Views

Govt monitoring closely receipt of fake currency

14 November 2016 at 10:37

Government agencies are closely monitoring receipt of fake currency notes in Banks and Post Office; Special watch is being kept receipt of fake notes in the States bordering our neighbouring countries. One of the primary objectives of cancellation of

Posted in Income Tax | 2271 Views

3 lac crore has been deposited in banking system

14 November 2016 at 10:37

Finance Ministry reviews the position regarding availability and distribution of all denomination of bank notes in different parts and regions of the country; Issuance of the new series of Rs. 500/- notes commenced; Instructions issued to the Banks a

Posted in Income Tax | 4659 Views

SIT chairman says govt has taken a bold step in demonetising notes

12 November 2016 at 11:26

The Chairman and Vice-Chairman, SIT on Black Money & Former Judges of the Supreme Court of India, Justice MB Shah and Justice Arijit Pasayat in a jointly written letter to the Union Finance Minister, Shri Arun Jaitley: The Government has taken a

Posted in Income Tax | 2 comments | 3210 Views

Govt extends existing exemption with regard to demonetisation

12 November 2016 at 11:26

Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016, with certain modifi

Posted in Income Tax | 7 comments | 4656 Views